Accounting in the Finance World

Reviewed by Jacklyn A. Collins , Ed.D., CPA, Adjunct Dept of Accounting, Strome College of Business, Old Dominion University on 7/20/23

Comprehensiveness rating: 5 see less

This is a thorough and comprehensive text. It offers coverage of Financial Accounting appropriate for undergraduate or graduate students.

Content Accuracy rating: 5

Author writes clearly and gives precise information.

Relevance/Longevity rating: 5

Material covers traditional Financial Accounting topics that never go out of date.

Clarity rating: 5

The material and concepts are presented in a clear fashion and easily understood.

Consistency rating: 5

Author uses a standard approach in each chapter. Each chapter starts off with a question to be answered, followed by objectives for each topic. Each chapter has a short video to explain the materials.

Modularity rating: 5

Each chapter can be taught on its own. Chapters can be broken down into topics that can be studied individually. Materials covered are not dependent on prior chapter.

Organization/Structure/Flow rating: 5

This text is well organized, each chapter has subtopics with objectives. Instructors can assign relevant chapter topics or relevant chapters.

Interface rating: 5

Text is clear and well formatted. Material is easy to read and images are clear. No distortion.

Grammatical Errors rating: 5

No errors noticed.

Cultural Relevance rating: 5

The text is neutral.

Comments

Do not let the page count (pg 572) turn you off from this textbook. Instructors can modify the material to best fit with your course. Each chapter has a Video to introduce the material. These mini-lectures ( 10 -12 min) are well done and easy to follow. Embedded in each chapter are Multiple Choice practice questions, that give students complete explanations. At the end of each topic a "Key Takeaway" section is provided. While no solutions are available, each chapter has questions, true/false, multiple choice questions, problems and research options ( embedded links).

Reviewed by Nadia Schwartz, Associate Professor, Augustana College, Rock Island IL on 7/18/19

Comprehensiveness rating: 5 see less

The textbook contains all material typically covered in a financial accounting course. It does have a chapter devoted to auditing as well as introduction to some advanced topics such as post-retirement benefits and deferred taxes. I appreciate introductory videos that set the tone as well as draw attention to what will be very important in the chapter. Key take-away videos presented at the end of each chapter are very useful as well.

Content Accuracy rating: 5

The book is very accurate, however, it does need to be updated for the most recent changes in the accounting standards. Instructors will have to introduce most recent changes in leases in particular.

Relevance/Longevity rating: 5

The textbook material is very relevant and is written from a perspective an investor or a user prospective as opposed to a debits-credits rules book. It makes accounting very fun and intellectually interesting. It even contains a point of view from an actual financial professional.

Clarity rating: 5

The book is written in a question and answer format or Socratic way of thinking. It challenges the students to start approaching their homework as well as other reading in a similar fashion. It models the way to ask questions as students learn on their own and promotes more intense method of learning.

Consistency rating: 5

The book has a very predictable pattern. Once the reader figures out the logic, the order could be easily followed. Material is explain in plain English without excessive technical terms. The chapters are very concise, one of the great attributes of this book.

Modularity rating: 5

Chapters are divided into smaller segments which could be easily omitted to accommodate a different length of course. One weak point is that material is very text heavy. There are very few visuals to increase understanding of heavy text.

Organization/Structure/Flow rating: 5

The logic within the chapter could be easily followed. It is nice to see several excises embedded into the text to be able to check understanding. End of the chapter exercises contain multiple-choice question practice as well as opportunity for additional research.

Interface rating: 4

The module order in chapter 4 is incorrect. It goes from 4.6 to 4.5 to 4.1 and then, back in the correct order.

Grammatical Errors rating: 5

I did not notice any grammatical errors.

Cultural Relevance rating: 5

The book does not necessarily inclusive but it is not exclusive or offensive either.

Comments

The book does not contain either an index or a glossary. The book does not cover material in a debit/credit approach which might be better for a user but not as good for a potential accounting major going into Intermediate accounting.

Reviewed by David Sulzen, Associate Professor of Accountng, Ferrum College on 2/8/17

Comprehensiveness rating: 4 see less

All material covered in any entry level accounting textbook is covered, even an introduction to Auditing. The depth is very good for an accounting principles textbook, with the technical "fine print" omitted. There is good coverage of the overriding principles of accounting. The index is very detailed, but the glossary is not. The introduction to the bookkeeping mechanics is very good, but I would like to see more early coverage of the overall message financial statements are meant to convey.

Content Accuracy rating: 4

The book is very accurate, but does not include more current updates or pending changes in accounting standards. Issues such as changes in rules regarding revenue recognition and leases, for example, are too current for this text to have covered when it was written. It would be necessary for the instructor to introduce these changes.

Relevance/Longevity rating: 5

Some more current revisions in accounting standards are not addressed in this text, but these can be added or mentioned by the classroom instructor. The depth of the content for each subject area is very appropriate for a principles of accounting textbook and the text is very easy to read.

Clarity rating: 5

The clarity is one of this book's strongest points. It can be easily comprehended by an entry level accounting student. The videos are easy to watch, and provide a decent introduction to each chapter, but do not add much to the ease of understanding the material.

Consistency rating: 5

Very consistent. The framework is very solid and predictable, and the vocabulary is easy to understand. Technical terms are explained in plain English, with few, but good examples.

Modularity rating: 5

Topics are will divided and covered without a lot of boring reading about each. Each chapter is short and is well divided into even smaller sections. One of the strengths of this text is that the student is not overwhelmed with pages and pages of extraneous information.

Organization/Structure/Flow rating: 5

Other than the placement of Chapter 6 on Auditing, the rest of the text is in a very logical order. Each topic is presented in a clear, logical way. The author stars each section with a question, and then proceeds to answer the question. This makes the topic easier to understand. Although I question the placement of chapter 6, I am glad the author includes the topic in the text, and am really not sure exactly where I believe it should be covered.

Interface rating: 4

I did not find any significant interface issues. There are places where the alignment of numbers is a little out of skew, for example a row of "credits" is not perfectly straight, but not in a manner that they were misleading.

Grammatical Errors rating: 1

I did not find any grammatical errors.

Cultural Relevance rating: 5

There is no clear effort to be "inclusive", but certainly nothing that is culturally insensitive in the text. This is accounting material. Social issues are not addressed, but nothing offensive was noted.

Comments

The only real weakness in the text is just that it is not updated for more recent changes in accounting principles. If the instructor is willing to cover these, the text is very easy for the student to read and to comprehend.

Reviewed by Bill Joyce, Assistant Professor, Bemidji State University on 6/10/15

Comprehensiveness rating: 1 see less

The table of contents is very different than two standard textbooks I am currently using or used recently. It is difficult to understand d exactly what topics are being covered using the table of contents. A separate chapter on financial statement analysis should be added, or each chapter should incorporate these concepts. The ethical aspects of decision making need to be more fully addressed.

The end of the chapter homework problems need to be increased not only in number but also increased complexity.

Content Accuracy rating: 3

While what is presented seems accurate, there seems to be a definite lack of substance. Each topic needs to be developed in depth.

Relevance/Longevity rating: 2

The international financial reporting standards need to be included either in a separate chapter or preferably incorporated incorporated into each chapter.

Clarity rating: 1

While the text is clearly written, it fails to address topics in depth .

Consistency rating: 5

The text is consistent and provides excellent "take-away" emphasizes.

Modularity rating: 2

The modules are fine, but they need to be identified much more clearly.

Organization/Structure/Flow rating: 1

The text does flow in a logical manner, but it is difficult to get the "big picture" from the way the text and individual chapters are organized. It might be very difficult for someone with no accounting background to learn from the text.

Interface rating: 2

The online quizzes provide and excellent way for students to monitor their learning. However, the number of these quizzes and the complexity of the quizzed need to be increased.

Grammatical Errors rating: 5

No errors were noted, but this is not my strong point.

Cultural Relevance rating: 1

The text seems to be written at a level much higher than the principles level. Students likely would have a difficult understanding of the purpose and use of accounting information.

Comments

By far, the weakest aspect of this text is the lack ancillary materials. My department relies heavily on the online graded homework systems. While I do not use many of the supporting materials, such as Power Points, many of my colleagues do and this would be a definite reason the text would not be adopted.

Reviewed by Allan Aspelund, Instructor, Century College, White Bear Lake, Minnesota on 6/10/15

Comprehensiveness rating: 3 see less

Good over-all coverage
No glossary
Index fair--could be more descriptive

Content Accuracy rating: 5

I found no inaccuracies

Relevance/Longevity rating: 5

Many examples of current financial statements and other material that can easily be up-dated.

Clarity rating: 4

Well written but somewhat hard to follow. The flow from one item to the next is somewhat muddled.

Consistency rating: 5

Well laid out.

Modularity rating: 4

The text does have some self-referencing. Presenting only certain sub-units might require some work.

Organization/Structure/Flow rating: 4

The presentation of corporations could be better (advantages, disadvantages, sub-chapter S, etc.)
Th end of chapter questions should be linked to the sections in the test where the material can be found.

Interface rating: 5

There were no problems with the interfacing.

Grammatical Errors rating: 5

Fine, except "You have now read."

Cultural Relevance rating: 5

I saw none.

Comments

Overall, well written with excellent points made in the discussion. The "Key Takeaways" and the chapter tests were very good.
The lack of a glossary and the need for a better index were the key distractors.

Reviewed by Barbara Prince, Accounting Faculty, Anoka Ramsey Community College on 6/10/15

Comprehensiveness rating: 3 see less

No index or glossary.

This seems to be a discussion for non-accounting majors that presents the material from for non-debit/credit emphasis. The overall picture is presented well, but not enough emphasis on the basic mechanics of accounting that we need to give our two-year students.

In my present course, I do cover several topics,such as interst and compound interest, in more depth. The last eight chapters emphasis the financial statements, where I need to cover the basics of creating the financial statements in more depth.

Content Accuracy rating: 5

Very accurate; no errors found

Relevance/Longevity rating: 5

Accounting information changes little from year to year. The examples given could be easily updated as needed.

There was good discussion in some areas of what might be changing in the future.

Clarity rating: 3

Parts are excellent, but some areas include too much discussion to get to the main points; I prefer a more factual presentation. Some of the questions used to introduce the new topic were very involved; my students would not understand the question or find it helpful.

I would need additional exercise material to allow the students more practice on the material presented.

Consistency rating: 5

The authors were very consistent in their approach to the topics. Examples given were revlevant to the material presented. I can use their real world examples in my course.

Modularity rating: 2

I would prefer more headings and have the headings linked to learning objectives and exercises. This is something that all commercial texts include, and I find it helpful.

The questions that start the topics should be easier to pick out. I really had a hard time finding my place in the text each time I returned to it.

Organization/Structure/Flow rating: 5

The organization mirrors other accounting texts that I have used.

Interface rating: 3

I did donwload the entire text, but I could not find the videos. I did try the multiple choice questions, but each time I completed a question on the separate site, I had trouble returning and finding my place in the text. The figures presented in the text were somewhat fuzzy in my downloaded copy.

Grammatical Errors rating: 5

No grammar errors were found.

Cultural Relevance rating: 5

This is hard to measure when discussing corporations. The authors did include excellent international examples.

Comments

I would not adopt this as a primary text for my courses, but it would make an excellent supplemental resource because of the excellelnt real-world examples. Two-year students that I teach need an higher emphasis on the basic accounting tools. The videos may have helped, but I did not have access to them.

Some of the questions used to introduce a new topic were very high-level and would not be helpful to my students.

I have trouble getting students to read the material in the text, and I'm afraid the longer discusssions used in this text would be even more discouraging to the students.

Reviewed by Candice (Candy) Heino, Instructor, Anoka Ramsey Community College on 6/10/15

Comprehensiveness rating: 5 see less

This text covers all of the usual topics in financial accounting, but with a broader business view surrounding the accounting procedures. IFRS is embedded within many chapters providing the general differences from GAAP without being too overwhelming. Alternatives are addressed, such as perpetual and periodic inventory , and direct and indirect statement of cash flows. More advanced topics such as leases and deferred taxes are included in sufficient detail for this level textbook.

Content Accuracy rating: 5

The content appears to reflect GAAP and IFRS accurately, no errors were noted.

Relevance/Longevity rating: 5

The basic principles and procedures of accounting are quite timeless, however IFRS is expected to continue impacting financial reporting and so portions of the text will need to be updated periodically. Global business is integrated by the inclusion of currency conversion and IFRS.

Clarity rating: 5

The writing style is engaging and easy for the reader to follow. The socrative method is used, a question and answer format. The questions flow as if two people were in a conversation, with each answer triggering the next logical question. Terms and concepts are introduced and explained such that the learner can understand the discussion.

Consistency rating: 5

The text employs the question and answer format consistently and clearly denotes sections within each chapter. Conversations in an interview type format with two experts are embedded inside many topics, (an investmenr analyst and an international accountant.) This internal consistency is comfortable for the reader.

Modularity rating: 5

The use of sections within each chapter allows the reader to digest one conept at a time. After each section there are self test questions that allow for a pause to reflect on the material. An instructor would find it easy to remove or move sections as desired.

Organization/Structure/Flow rating: 5

The "soft" start of chapters 1 and 2 sets the stage to ease the learner into an overview of the financial statements, recording transactions and adjusting entries. Topics after this follow the balance sheet order, pulling in the related income statement topics. The text concludes with the Statement of Cash Flow and a comprehensive problem (one of several in the end of chapter items) to pull it all together. The authors have taken care to start with basic scenarios and then add complexity. For example recording transactions starts by using increase/decrease and then progresses to T accounts, journal entries, and the general journal and ledger. Another example is in the inventory discussion. At first the examples use inventory all purchased at the same cost. Then invntory purchased at differing costs is introduced to use for perpetual versus periodic and FIFO versus LIFO.

Interface rating: 3

The text links for self quizzing within each topic must be right-clicked and the user must choose to open each one in a new window or it is difficult to get back to the same place. When a topic in a prior chapter is discussed, a link is provided which makes it easy for the curious reader to look back at that inital material. The textbook is very text heavy, there are few charts or summary boxes. Journal entries are displayed in green bars that are easy to spot for refernece later. Formulas are in a slighly larger font, they will not be easy to reference when the learner is doing a later assignment. The video at the end of each chapter goes over the "top five" , however there is no written summary of key points and no glossary or index at the end of the book.

Grammatical Errors rating: 5

The text contains no grammatical errors.

Cultural Relevance rating: 3

The narrative about accounting and business ispresented in a factual manner and does not contain cultural insensitivites.

Comments

The approach (using a question /answer format) was very readable and the inclusing of interviews with each of the two experts added interest. The reader will be engaged by the broad and interesting business discussion surrounding each accounting procedure. I found this book thoughtful and practical in its approach to teaching accounting. Even non-accounting majors will find a compelling reason to study this text.